1 00:00:04,320 --> 00:00:07,280 S1: The following program was pre-recorded so our phone lines are 2 00:00:07,280 --> 00:00:08,080 S1: not open. 3 00:00:08,360 --> 00:00:11,479 S2: If you ask someone about their biggest financial regret, you'd 4 00:00:11,480 --> 00:00:15,160 S2: probably expect to hear about debt or investments. Hi, I'm 5 00:00:15,160 --> 00:00:18,360 S2: Rob West, but for our guests today, it was something 6 00:00:18,360 --> 00:00:22,520 S2: else entirely, not tracking his generosity. Today I'll talk with 7 00:00:22,520 --> 00:00:26,840 S2: doctor Art Rayner about four compelling reasons this simple practice 8 00:00:26,840 --> 00:00:30,520 S2: can shape your heart and strengthen your stewardship. Then we'll 9 00:00:30,520 --> 00:00:32,880 S2: have some great calls lined up. But since we're not 10 00:00:32,880 --> 00:00:36,960 S2: live today, please hold your calls until next time. This 11 00:00:36,960 --> 00:00:44,120 S2: is faith in finance. Live biblical wisdom for your financial decisions. Well, 12 00:00:44,159 --> 00:00:46,440 S2: my good friend doctor Art Rayner joins us today. He's 13 00:00:46,440 --> 00:00:49,599 S2: the founder of Christian Money Solutions in the Institute for 14 00:00:49,600 --> 00:00:52,720 S2: Christian Financial Health, and the author of several books on 15 00:00:52,720 --> 00:00:55,840 S2: biblical finance art. Great to have you back with us. 16 00:00:56,200 --> 00:00:57,880 S3: Rob. Thank you so much for having me. 17 00:00:58,120 --> 00:01:03,950 S2: Art, I love this idea, actually, of tracking our generosity. 18 00:01:03,990 --> 00:01:06,030 S2: I'd love to know kind of the backstory on it, though. 19 00:01:06,110 --> 00:01:07,309 S2: What made you think of it? 20 00:01:07,350 --> 00:01:09,830 S3: Yeah, I love the idea too. Unfortunately, it was not 21 00:01:09,830 --> 00:01:14,990 S3: my concept. I actually learned about it from my friend Bob, 22 00:01:15,390 --> 00:01:18,350 S3: who is who's an author. He does podcasting, he has 23 00:01:18,350 --> 00:01:21,510 S3: a great blog, and so he's the one who introduced 24 00:01:21,510 --> 00:01:24,630 S3: the concept to me. Now, I was on a podcast 25 00:01:24,630 --> 00:01:30,790 S3: where the host asked me what my greatest financial regret was. Okay. 26 00:01:30,830 --> 00:01:32,310 S3: And I said, you know, I don't have a lot 27 00:01:32,310 --> 00:01:35,830 S3: of like, investing regrets, debt, regrets. But what I do 28 00:01:35,830 --> 00:01:39,830 S3: have is a tracking regret that I did not track 29 00:01:39,950 --> 00:01:43,030 S3: my generosity because I just started doing it a few 30 00:01:43,030 --> 00:01:45,430 S3: years ago. I wish I would have started earlier. 31 00:01:45,709 --> 00:01:49,270 S2: Interesting. Well, let's jump right in. You've identified a few 32 00:01:49,310 --> 00:01:52,790 S2: key reasons to keep track of our generosity, and it's 33 00:01:52,830 --> 00:01:56,350 S2: worth stating up front that pride isn't on that list. 34 00:01:56,350 --> 00:01:57,910 S2: So what's the first one? 35 00:01:58,220 --> 00:02:01,580 S3: Yeah. First of all, that generosity is our financial priority. 36 00:02:01,620 --> 00:02:04,820 S3: You know, according to Scripture, our first financial act is 37 00:02:04,820 --> 00:02:06,820 S3: to give. We find that in Proverbs three nine where 38 00:02:06,820 --> 00:02:09,500 S3: it says, honor the Lord with your wealth, with the 39 00:02:09,500 --> 00:02:12,940 S3: first fruits of your entire crops. You see, God has 40 00:02:12,940 --> 00:02:16,419 S3: made us to be generous. He has designed us not 41 00:02:16,419 --> 00:02:18,579 S3: to be hoarders, but to be conduits through which his 42 00:02:18,580 --> 00:02:23,020 S3: generosity flows. And so it's our financial priority. And so 43 00:02:23,060 --> 00:02:24,300 S3: we should track it. 44 00:02:24,419 --> 00:02:27,260 S2: Yeah. If it's our priority. Absolutely. It should be something 45 00:02:27,260 --> 00:02:29,779 S2: we're looking at. All right, well, what's the next reason? 46 00:02:29,820 --> 00:02:32,940 S3: Well, the second one is the fact that you chase 47 00:02:33,220 --> 00:02:38,220 S3: what you track, whatever you're tracking, whatever financial goals you're 48 00:02:38,220 --> 00:02:43,340 S3: going after, you are going to put more emphasis on those. 49 00:02:43,340 --> 00:02:47,859 S3: You're going to chase after it more. The visual that 50 00:02:47,860 --> 00:02:52,060 S3: comes to mind with tracking motivates you to keep going. Now, 51 00:02:52,060 --> 00:02:53,820 S3: this works for getting out of debt, saving for an 52 00:02:53,820 --> 00:02:57,620 S3: automobile or any other financial goal. And so why would 53 00:02:57,620 --> 00:03:01,700 S3: we not track our generosity so that we can ensure 54 00:03:01,700 --> 00:03:04,060 S3: that we're chasing after it more aggressively? 55 00:03:04,300 --> 00:03:06,300 S2: I love that idea. Yeah, it's the idea that if 56 00:03:06,300 --> 00:03:08,900 S2: you're measuring something, you can manage it. And so if 57 00:03:08,940 --> 00:03:12,139 S2: we're measuring our giving, tracking our giving, we can obviously 58 00:03:12,139 --> 00:03:15,419 S2: be more intentional. This next one has to do with 59 00:03:15,419 --> 00:03:19,180 S2: what is not included in our other financial trackers. And 60 00:03:19,180 --> 00:03:20,700 S2: that's generosity, right? 61 00:03:21,060 --> 00:03:25,020 S3: Yeah. We have some great financial tools that are out there. 62 00:03:25,060 --> 00:03:29,540 S3: Your net worth statement, your balance sheet, all of those 63 00:03:29,580 --> 00:03:34,100 S3: are important, but they're missing the most important part of 64 00:03:34,100 --> 00:03:37,140 S3: our finances, at least according to Scripture. And that is 65 00:03:37,140 --> 00:03:40,460 S3: our generosity. You know, net worth statement, once again, is 66 00:03:40,460 --> 00:03:44,500 S3: an incredibly useful tool. But one part that has always 67 00:03:44,500 --> 00:03:47,140 S3: bothered me about the net worth statement is that generosity 68 00:03:47,180 --> 00:03:52,180 S3: can actually be viewed as a negative, reducing a potential asset. Now, 69 00:03:52,220 --> 00:03:54,619 S3: Heavenly Treasure does not have a place on the net 70 00:03:54,620 --> 00:03:57,050 S3: worth statement. So but at the same time it is 71 00:03:57,050 --> 00:03:59,970 S3: a believer's greatest asset. So because of this I like 72 00:03:59,970 --> 00:04:02,530 S3: keeping track of generosity, giving a place in my financial 73 00:04:02,530 --> 00:04:03,370 S3: health numbers. 74 00:04:03,690 --> 00:04:06,290 S2: I think it's a great idea. Okay. Number four, the 75 00:04:06,290 --> 00:04:09,690 S2: final reason has to do with the why behind our giving, right? 76 00:04:09,690 --> 00:04:12,570 S3: Yeah. You get to see what God has allowed you 77 00:04:12,730 --> 00:04:15,010 S3: to be a part of. Dollars on your generosity tracker 78 00:04:15,010 --> 00:04:18,650 S3: represent lives changed for all eternity. Most of the impact 79 00:04:18,650 --> 00:04:21,570 S3: your generosity has made will, of course, not be revealed 80 00:04:21,570 --> 00:04:24,409 S3: to you until heaven. But even though you can't see 81 00:04:24,410 --> 00:04:27,490 S3: every way God is leveraging your gift, you can be 82 00:04:27,490 --> 00:04:31,450 S3: assured he is using them for his purposes, his mission, 83 00:04:31,450 --> 00:04:34,610 S3: and his glory. Tracking your generosity allows you to see 84 00:04:34,610 --> 00:04:37,330 S3: what God has allowed you to be a part of. 85 00:04:37,690 --> 00:04:40,969 S2: All right, 30s left. I suspect you're now doing this. 86 00:04:40,970 --> 00:04:44,089 S2: So what does it look like to start tracking your generosity? 87 00:04:44,130 --> 00:04:48,490 S3: Yeah, I absolutely am. If you have not started to 88 00:04:48,529 --> 00:04:51,289 S3: track your generosity, I would simply encourage you just to 89 00:04:51,330 --> 00:04:54,160 S3: go back like I did and review prior year's tax 90 00:04:54,160 --> 00:04:56,200 S3: returns and view that amount that you give. And then 91 00:04:56,200 --> 00:04:59,159 S3: from now on, add your current generosity to that number. 92 00:04:59,160 --> 00:05:02,239 S3: You can use an Excel sheet. It's a simple way 93 00:05:02,240 --> 00:05:05,799 S3: to make sure that we chase what we track. 94 00:05:06,040 --> 00:05:08,440 S2: I love it. Art, thanks for stopping by, my friend. 95 00:05:08,480 --> 00:05:10,000 S3: Absolutely. Thank you for having me. 96 00:05:10,360 --> 00:05:14,080 S2: Remember, folks, tracking your giving isn't about pride. It's about 97 00:05:14,080 --> 00:05:19,000 S2: remembering God's provision and celebrating his work through you. All right, 98 00:05:19,000 --> 00:05:21,240 S2: we're going to head to a break, so don't go anywhere. 99 00:05:21,279 --> 00:05:23,479 S2: Still a lot more to come, even though we're not 100 00:05:23,480 --> 00:05:25,720 S2: here to take your calls live today. But we have 101 00:05:25,720 --> 00:05:28,000 S2: plenty of calls that we lined up in advance. And 102 00:05:28,000 --> 00:05:35,440 S2: we'll get to those just around the corner. I'm so 103 00:05:35,440 --> 00:05:38,200 S2: thankful you've joined us today on Faith and Finance Live, 104 00:05:38,200 --> 00:05:40,719 S2: where we apply the wisdom from God's Word to your 105 00:05:40,720 --> 00:05:44,800 S2: financial decisions and choices. Now, our team is not here today, 106 00:05:44,800 --> 00:05:47,479 S2: so don't call in. But we did line up some 107 00:05:47,480 --> 00:05:51,200 S2: great questions in advance that I know you'll enjoy. Let's 108 00:05:51,200 --> 00:05:53,470 S2: begin in Virginia today. Ken. Go ahead. 109 00:05:54,510 --> 00:05:56,230 S4: Hi. How you doing today? 110 00:05:56,390 --> 00:05:58,190 S2: I'm doing well. Thank you for calling. 111 00:05:58,230 --> 00:06:01,310 S4: Yes, sir. I have a couple of questions, please. Uh, 112 00:06:01,830 --> 00:06:09,110 S4: I have a $100,000 in CDs, about $50,000 in IRAs, 113 00:06:09,470 --> 00:06:12,390 S4: and I'm 70 years old and getting ready to retire. 114 00:06:12,910 --> 00:06:18,830 S4: I have about $60,000 in a 401 K, and I 115 00:06:18,830 --> 00:06:23,830 S4: was wondering what I need to take about $50,000 of 116 00:06:23,830 --> 00:06:27,150 S4: that money and do something with it with my savings account. 117 00:06:27,150 --> 00:06:29,430 S4: Should I put that in a high yield savings or 118 00:06:29,430 --> 00:06:30,589 S4: get another CD? 119 00:06:31,190 --> 00:06:34,510 S2: Yeah, it's a great question. You know, I think the 120 00:06:34,510 --> 00:06:36,510 S2: first question is how much do you need in your 121 00:06:36,510 --> 00:06:40,029 S2: emergency fund? Uh, you said you've got, uh, how much 122 00:06:40,029 --> 00:06:43,229 S2: do you have of that? That's liquid. Nothing at this point. 123 00:06:44,550 --> 00:06:48,270 S4: Yes, sir, I have I have about 130,000 in my 124 00:06:48,270 --> 00:06:49,190 S4: savings account. 125 00:06:49,230 --> 00:06:52,230 S2: Oh, okay. And that's in addition to the CDs. 126 00:06:53,589 --> 00:06:56,710 S4: Yes, sir. And I was going to take 50,000 of that. 127 00:06:57,790 --> 00:07:01,270 S4: And I'll put it like this. Either CD or high 128 00:07:01,310 --> 00:07:02,589 S4: yield savings account. 129 00:07:02,630 --> 00:07:03,510 S2: Got it. Yeah. 130 00:07:03,589 --> 00:07:07,990 S4: My problem is, once I retire, I. That's all I have. 131 00:07:07,990 --> 00:07:10,830 S4: I don't have any kind of Social Security. I mean, 132 00:07:10,870 --> 00:07:13,030 S4: I'll have Social Security, but I'll be living on Social 133 00:07:13,030 --> 00:07:17,230 S4: Security only. And okay, I'm a little nervous about if 134 00:07:17,230 --> 00:07:19,430 S4: something happens out to buy a brand new car or 135 00:07:19,430 --> 00:07:22,710 S4: something like that. You know, I don't want to. Yes, 136 00:07:22,750 --> 00:07:24,310 S4: I want to be able to pay my bills, you know? 137 00:07:24,350 --> 00:07:26,270 S4: The Lord has blessed me. My house is paid for, 138 00:07:26,270 --> 00:07:27,830 S4: and I don't owe anybody anything. 139 00:07:28,110 --> 00:07:30,470 S2: I love it, yeah. No. That's great. Well, the good 140 00:07:30,470 --> 00:07:32,310 S2: news is, I mean, when you put all these other 141 00:07:32,350 --> 00:07:35,950 S2: assets together, uh, you know, you've got, uh, you'd have 142 00:07:35,950 --> 00:07:39,230 S2: a 80,000 left in your savings after you carve off 143 00:07:39,230 --> 00:07:42,910 S2: 50 for your emergency fund. If you felt like you 144 00:07:42,950 --> 00:07:46,310 S2: knew that the time horizon on that new car was, 145 00:07:46,310 --> 00:07:49,980 S2: let's say, in the next 1 to 3 Three years. 146 00:07:49,980 --> 00:07:51,780 S2: You may want to go ahead and and, you know, 147 00:07:51,820 --> 00:07:55,380 S2: pull that portion off, uh, and either add it to 148 00:07:55,420 --> 00:07:58,740 S2: the 50,000 in the high yield savings or buy a 149 00:07:58,780 --> 00:08:01,780 S2: short term CD with that. But let's say that gets 150 00:08:01,780 --> 00:08:04,940 S2: you up to, uh, you know, 80,000 that give you 151 00:08:04,940 --> 00:08:09,660 S2: another 50. So between all of those, the CDs at 100, 152 00:08:09,820 --> 00:08:12,300 S2: and then we've got the IRA at 50, we've got 153 00:08:12,300 --> 00:08:14,860 S2: the 401 K at 60. And let's say, you know, 154 00:08:14,900 --> 00:08:18,300 S2: after you carve off the emergency savings and the car fund, 155 00:08:18,460 --> 00:08:23,340 S2: you've got another 50 there. I mean, that's $260,000. And, 156 00:08:23,380 --> 00:08:26,140 S2: you know, if we were to get that invested in 157 00:08:26,140 --> 00:08:29,380 S2: a conservative way, you should be able to pull 4% 158 00:08:29,380 --> 00:08:33,500 S2: a year on that, which is about 10,000 a year, uh, or, 159 00:08:33,900 --> 00:08:37,100 S2: you know, about 850 a month. And, you know, that 160 00:08:37,100 --> 00:08:41,140 S2: might be a nice supplement to the Social Security and 161 00:08:41,140 --> 00:08:43,620 S2: hopefully keep you in a position where you've got good 162 00:08:43,620 --> 00:08:46,140 S2: liquidity with the emergency fund. If the car does need 163 00:08:46,140 --> 00:08:48,100 S2: to be replaced, you've got some funds to do that 164 00:08:48,210 --> 00:08:51,010 S2: with cash. But you know, you know that you can 165 00:08:51,010 --> 00:08:54,210 S2: count on this, you know, somewhere between 7 and $850 166 00:08:54,210 --> 00:08:57,890 S2: a month that you're pulling out, almost like a paycheck. Uh, 167 00:08:57,890 --> 00:09:00,929 S2: you know, to supplement, uh, your savings. And as long 168 00:09:00,929 --> 00:09:03,530 S2: as you keep a budget where, you know, you're you're 169 00:09:03,530 --> 00:09:07,770 S2: really coming in below your means, social security plus this 170 00:09:07,770 --> 00:09:10,570 S2: monthly income I'm describing, you know, then you should be 171 00:09:10,570 --> 00:09:13,370 S2: in pretty good shape. The key would be, let's get 172 00:09:13,370 --> 00:09:17,170 S2: that roughly 260,000 working for you. Let's not just keep 173 00:09:17,170 --> 00:09:20,450 S2: that on autopilot, because the goal is we want to 174 00:09:20,450 --> 00:09:22,970 S2: be able to make up that 10,000 a year that 175 00:09:22,970 --> 00:09:27,170 S2: you're pulling out and, you know, never drop below that 176 00:09:27,170 --> 00:09:31,209 S2: 260,000 mark. Uh, in fact, it should keep growing a 177 00:09:31,210 --> 00:09:34,490 S2: little bit just to offset inflation. I'd probably use an 178 00:09:34,490 --> 00:09:37,770 S2: advisor to do that. A certified Kingdom advisor. You you 179 00:09:37,809 --> 00:09:41,730 S2: could head to find a. Com and find a certified 180 00:09:41,730 --> 00:09:44,330 S2: Kingdom advisor there in Virginia. But give me your thoughts 181 00:09:44,330 --> 00:09:45,010 S2: on all that. 182 00:09:45,850 --> 00:09:49,600 S4: That sounds very interesting. That's exactly what I'd like to do. 183 00:09:49,800 --> 00:09:52,240 S4: Like I said, if something happens to me, I want 184 00:09:52,240 --> 00:09:55,200 S4: my wife to feel safe and secure. Or, you know, 185 00:09:56,000 --> 00:09:57,960 S4: if she could live a whole lot longer than I am. 186 00:09:58,000 --> 00:09:59,679 S4: She's quite a bit younger than I am. 187 00:09:59,720 --> 00:10:02,360 S2: Yeah. Yeah. And that's usually the way it is. You know, 188 00:10:02,400 --> 00:10:05,880 S2: us guys go before our wives. And the good news 189 00:10:05,920 --> 00:10:09,640 S2: is she would get your survivor's benefits, which would be 190 00:10:09,800 --> 00:10:12,800 S2: as long as she's, you know, she could get 100% 191 00:10:12,800 --> 00:10:16,480 S2: of your Social Security benefit. She couldn't get that plus 192 00:10:16,480 --> 00:10:20,760 S2: a spousal. Um, but assuming hers was lower than yours, 193 00:10:20,760 --> 00:10:25,479 S2: if she was working during, you know, her working years, um, then, 194 00:10:25,520 --> 00:10:28,160 S2: you know, she could take 100% yours, but she'd continue 195 00:10:28,160 --> 00:10:31,120 S2: to be able to draw this income from these investments 196 00:10:31,120 --> 00:10:33,480 S2: I'm talking about and, you know, have a pretty nice 197 00:10:33,480 --> 00:10:36,720 S2: emergency fund there for the unexpected. So, uh, I would 198 00:10:36,760 --> 00:10:41,200 S2: head Ken to find a com and do a zip 199 00:10:41,200 --> 00:10:43,720 S2: code search for a certified Kingdom advisor in your area, 200 00:10:43,760 --> 00:10:46,350 S2: maybe interview 2 or 3 and find the one that's 201 00:10:46,350 --> 00:10:46,990 S2: the best fit. 202 00:10:47,670 --> 00:10:50,230 S4: Thank you so much for your time. I really appreciate 203 00:10:50,230 --> 00:10:52,910 S4: it and I appreciate your show. What a blessing. 204 00:10:53,270 --> 00:10:55,950 S2: Well thank you, Ken. I appreciate your call, sir. And 205 00:10:55,950 --> 00:10:58,470 S2: Lord bless you. And this this next season of life 206 00:10:58,470 --> 00:11:00,750 S2: and all that God has in store for you. Let's 207 00:11:00,750 --> 00:11:03,990 S2: head to Perry, Georgia. I know it well. Uh, going 208 00:11:04,030 --> 00:11:06,350 S2: south on 75. Caroline. Go ahead. 209 00:11:06,510 --> 00:11:10,990 S5: Yes, sir. Uh, I have a question. I'm 85 years old, 210 00:11:10,990 --> 00:11:15,790 S5: and my. And retired, and my retire is canceling all 211 00:11:15,830 --> 00:11:21,070 S5: retirement health plans, and I'm having to find insurance now 212 00:11:21,070 --> 00:11:23,309 S5: at 85 years old. And I wondered if you had 213 00:11:23,309 --> 00:11:27,470 S5: any recommendations or if you had heard of this before. 214 00:11:27,950 --> 00:11:30,110 S2: Hmm. What about Medicare? 215 00:11:30,350 --> 00:11:35,350 S5: I have Medicare, uh, now, uh, but my I had 216 00:11:35,350 --> 00:11:39,670 S5: the secondary, uh, which I paid a small premium, but 217 00:11:39,710 --> 00:11:42,510 S5: of course, it didn't pay very much anything. 218 00:11:42,550 --> 00:11:46,110 S2: Okay. Well, uh, you know, I think what you need 219 00:11:46,110 --> 00:11:49,070 S2: to look at now is, is a medigap either Medicare 220 00:11:49,110 --> 00:11:52,830 S2: supplement or a Medicare advantage. You know, oftentimes, depending on 221 00:11:52,830 --> 00:11:55,710 S2: your health status. I mean, if you have more health 222 00:11:55,710 --> 00:11:59,510 S2: needs than less often, the Medigap, even though it's a 223 00:11:59,510 --> 00:12:02,870 S2: little more costly, is going to, you know, cover a 224 00:12:02,870 --> 00:12:07,470 S2: bit more. Um, you know, each have their pros and cons. Um, 225 00:12:07,790 --> 00:12:11,550 S2: but the lowest premium isn't always the best. So the 226 00:12:11,550 --> 00:12:15,550 S2: key is to focus on predictable cost and provider access 227 00:12:15,550 --> 00:12:20,110 S2: and medication coverage. Um, so I believe that's really the 228 00:12:20,110 --> 00:12:24,310 S2: next step for you. Um, you know, even with Medicare, 229 00:12:24,350 --> 00:12:28,030 S2: there's obviously premiums on part B and then copays and, 230 00:12:28,190 --> 00:12:32,310 S2: and then potentially significant out-of-pocket costs. So that's where these 231 00:12:32,309 --> 00:12:36,150 S2: other programs really step in. So have you begun to 232 00:12:36,190 --> 00:12:40,630 S2: explore the other options Medigap versus Medicare Advantage. 233 00:12:41,030 --> 00:12:43,179 S5: Well I had Medicare advantage. 234 00:12:43,620 --> 00:12:44,140 S2: Okay. 235 00:12:44,220 --> 00:12:49,460 S5: Previously is what I had through the insurance. In fact, 236 00:12:49,460 --> 00:12:52,620 S5: they merged the Medicare Advantage a couple of or several 237 00:12:52,620 --> 00:12:57,020 S5: years ago. And I've been, you know, using that. And 238 00:12:57,020 --> 00:13:01,020 S5: I have what I've investigated so far. The Medigap seemed 239 00:13:01,020 --> 00:13:05,300 S5: the best option to me because I have, uh, I 240 00:13:05,300 --> 00:13:08,300 S5: have some medical, I won't say problems. I've got them 241 00:13:08,300 --> 00:13:11,420 S5: resolved right now. Yes, but like I say, I was 242 00:13:11,420 --> 00:13:14,500 S5: leaning toward the Medigap, and I think you just confirmed 243 00:13:14,500 --> 00:13:15,260 S5: it for me. 244 00:13:15,300 --> 00:13:17,939 S2: Yeah, I think that's right. Because, you know, when you 245 00:13:17,940 --> 00:13:22,100 S2: have some medical challenges, whether or not it's currently an 246 00:13:22,140 --> 00:13:24,819 S2: ongoing situation or it could, you know, flare up in 247 00:13:24,820 --> 00:13:27,540 S2: the future. Um, you know, I think as long as 248 00:13:27,540 --> 00:13:30,980 S2: you're enrolled in the original Medicare A and B, uh, 249 00:13:30,980 --> 00:13:34,219 S2: which is necessary to buy a medigap, then, you know, 250 00:13:34,260 --> 00:13:38,580 S2: they're standardized by letter. So, you know, the insurance companies 251 00:13:38,580 --> 00:13:41,809 S2: are probably going to require medical underwriting. They check your 252 00:13:41,809 --> 00:13:45,730 S2: health history. Um, but, you know, I think the, uh, 253 00:13:45,730 --> 00:13:48,650 S2: the good news is that, um, you know, that could 254 00:13:48,650 --> 00:13:54,010 S2: be the thing that really helps to cover these out-of-pocket 255 00:13:54,010 --> 00:13:55,610 S2: costs that you have. It's going to be a little 256 00:13:55,610 --> 00:13:58,930 S2: more expensive, but I would say go ahead and, and, uh, 257 00:13:58,929 --> 00:14:02,450 S2: you know, apply for it. You you have 60 days 258 00:14:02,450 --> 00:14:07,170 S2: before your advantage plan ends, uh, in order to guarantee 259 00:14:07,370 --> 00:14:09,930 S2: that that will be issued. So you need to try 260 00:14:09,929 --> 00:14:12,569 S2: to stay in that window and go ahead and start 261 00:14:12,570 --> 00:14:15,490 S2: looking for something to replace it. I appreciate your call. 262 00:14:15,490 --> 00:14:17,689 S2: If we can help further, don't hesitate to reach out 263 00:14:18,010 --> 00:14:19,970 S2: as we head to the break. Let me remind you 264 00:14:20,010 --> 00:14:22,850 S2: quickly we're not here today. We're away from the studio, 265 00:14:22,850 --> 00:14:25,490 S2: so don't call in. But more questions that we lined 266 00:14:25,490 --> 00:14:34,650 S2: up in advance just around the corner. Stick around. Delighted 267 00:14:34,650 --> 00:14:37,170 S2: to have you with us today on Faith and Finance Live. 268 00:14:37,370 --> 00:14:39,730 S2: We're not here today. Our team is away from the studio. 269 00:14:39,840 --> 00:14:42,440 S2: This is pre-recorded, so don't call in. But we've got 270 00:14:42,440 --> 00:14:45,160 S2: some great questions we lined up in advance before we 271 00:14:45,160 --> 00:14:47,560 S2: go to the phones, let me remind you, Faith, Fi 272 00:14:47,560 --> 00:14:50,360 S2: and Faith and Finance Live is listener supported. If you'd 273 00:14:50,360 --> 00:14:52,200 S2: like to be a financial partner, you can do that 274 00:14:52,200 --> 00:14:56,880 S2: at Faith. Com just click give thanks in advance. All right. 275 00:14:56,880 --> 00:14:59,520 S2: Let's head to the phones. Let's go to Virginia. Kimberly, 276 00:14:59,520 --> 00:15:00,320 S2: how can I help? 277 00:15:01,880 --> 00:15:05,560 S6: Hi, Rob. Um, thank you for taking my call. And 278 00:15:05,560 --> 00:15:09,640 S6: I am planning to retire this year in July. I 279 00:15:09,680 --> 00:15:15,000 S6: will be 65 in August. Um, initially, I'm going to 280 00:15:15,040 --> 00:15:18,600 S6: take my husband's widow. I'll be having the widow benefit 281 00:15:18,600 --> 00:15:22,080 S6: for my husband. Okay. Um, and then switched to mine 282 00:15:22,080 --> 00:15:25,840 S6: at age 70. But, um, you know, I just I'm, 283 00:15:25,840 --> 00:15:28,840 S6: I'm a budget person, so I've worked with budget even 284 00:15:28,840 --> 00:15:32,760 S6: through Larry Burkett years ago. Great. And, um, this has 285 00:15:32,760 --> 00:15:35,280 S6: got me kind of stumped as how to figure out 286 00:15:35,320 --> 00:15:39,760 S6: what exactly is going to be my And come? Yes. 287 00:15:40,000 --> 00:15:41,840 S6: I wanted to see if you had some tips. 288 00:15:42,040 --> 00:15:45,400 S2: Yeah. So mainly you're trying to nail down. What should 289 00:15:45,400 --> 00:15:49,120 S2: you expect from that survivor's benefit so you can plan 290 00:15:49,120 --> 00:15:51,320 S2: around it? Or is it the mechanics of putting the 291 00:15:51,320 --> 00:15:53,240 S2: whole budget together that's tripping you up? 292 00:15:54,440 --> 00:15:57,400 S6: Just putting the whole budget together? Because I'll have, you know, 293 00:15:57,440 --> 00:16:02,160 S6: his widow's benefit from Social Security. I'm already collecting his 294 00:16:02,400 --> 00:16:07,160 S6: work pension. Okay, I will have a pension from a 295 00:16:07,200 --> 00:16:12,080 S6: previous job. Um, and just trying to get it all 296 00:16:13,560 --> 00:16:17,320 S6: together and, you know, work out the budget part of it. 297 00:16:17,320 --> 00:16:20,360 S2: Yeah. Got it. Yeah. I mean, it's a great question. 298 00:16:20,360 --> 00:16:23,800 S2: And that obviously is something to work through sooner rather 299 00:16:23,800 --> 00:16:27,600 S2: than later. As you anticipate your retirement later this year. 300 00:16:27,640 --> 00:16:29,920 S2: You know, the first step is really just to identify 301 00:16:29,920 --> 00:16:33,240 S2: your guaranteed income, which you've already started describing. So you're 302 00:16:33,240 --> 00:16:36,920 S2: going to have your survivor's benefit, um, you know, from 303 00:16:36,990 --> 00:16:40,150 S2: your late husband, and then that is separate from your 304 00:16:40,150 --> 00:16:42,670 S2: own benefit, which you could allow in most cases to 305 00:16:42,710 --> 00:16:45,790 S2: continue to grow. And if at some point that's higher, 306 00:16:46,070 --> 00:16:49,270 S2: you could elect to switch over and get the higher 307 00:16:49,270 --> 00:16:51,870 S2: of the two that's not available for a spousal benefit 308 00:16:51,870 --> 00:16:55,510 S2: while your spouse is living, it is available for a 309 00:16:55,510 --> 00:16:59,230 S2: survivor's benefit. If you didn't start taking yours and lock 310 00:16:59,230 --> 00:17:01,710 S2: it in, you could let that grow and then switch 311 00:17:01,710 --> 00:17:05,270 S2: to it later. So that is absolutely possible. But we 312 00:17:05,270 --> 00:17:08,190 S2: need to identify what are those guaranteed income sources. You 313 00:17:08,190 --> 00:17:12,030 S2: mentioned his retirement. You've mentioned Social Security. Those are all key. 314 00:17:12,070 --> 00:17:14,949 S2: That's the foundation of the budget. Then you want to 315 00:17:14,990 --> 00:17:18,109 S2: separate the essentials from lifestyle. And you really want to 316 00:17:18,109 --> 00:17:21,310 S2: look at needs versus wants. So the needs are housing 317 00:17:21,310 --> 00:17:25,190 S2: and utilities and food and insurance and healthcare and and taxes. 318 00:17:25,190 --> 00:17:27,350 S2: The wants are the travel and the hobbies and the 319 00:17:27,350 --> 00:17:29,869 S2: gifts and the dining out. And, you know, those types 320 00:17:29,869 --> 00:17:32,830 S2: of things. Um, and, you know, go ahead and, and 321 00:17:32,830 --> 00:17:37,900 S2: plan any withdrawals intentionally if you have any investment accounts. 322 00:17:37,900 --> 00:17:41,340 S2: Otherwise you just have that automatic kind of mailbox money, 323 00:17:41,340 --> 00:17:44,379 S2: if you will, with those checks coming in. And then 324 00:17:44,420 --> 00:17:46,620 S2: you want, you know, to make sure you have an 325 00:17:46,619 --> 00:17:50,180 S2: emergency fund in place and you want to account for 326 00:17:50,220 --> 00:17:55,300 S2: any irregular expenses. So, you know, retirement budgets fail often 327 00:17:55,300 --> 00:17:58,619 S2: because we forget the things that don't happen every month. 328 00:17:58,619 --> 00:18:01,740 S2: But they do come up, you know, periodically medical costs 329 00:18:01,740 --> 00:18:05,780 S2: or a home repair, travel, things like that, where you're 330 00:18:05,780 --> 00:18:07,340 S2: not going to see you're certainly not going to get 331 00:18:07,340 --> 00:18:09,060 S2: a bill for them, but they're not always going to 332 00:18:09,100 --> 00:18:11,580 S2: apply every month. But they do come up. So we 333 00:18:11,580 --> 00:18:15,300 S2: want to make sure that we're, you know, putting something away, uh, 334 00:18:15,300 --> 00:18:18,700 S2: so that we've got those sinking funds, if you will, there. 335 00:18:18,700 --> 00:18:23,100 S2: And those don't surprise you. I think it's often, you know, 336 00:18:23,140 --> 00:18:26,460 S2: important to think about that first year as a trial 337 00:18:26,460 --> 00:18:29,820 S2: run and just be ready to make adjustments, you know, 338 00:18:29,859 --> 00:18:32,619 S2: track your spending for 3 to 6 months, because often 339 00:18:32,619 --> 00:18:35,210 S2: your expenses are going to go down when you stop working, 340 00:18:35,210 --> 00:18:37,970 S2: you're not eating out as much and maybe your clothing 341 00:18:37,970 --> 00:18:42,090 S2: budgets change and you know, less gas that is needed. So, 342 00:18:42,130 --> 00:18:44,490 S2: you know, a lot of times folks will and you're 343 00:18:44,490 --> 00:18:47,290 S2: not saving for retirement any longer if you're putting something 344 00:18:47,290 --> 00:18:49,649 S2: away in a retirement plan while you're working. So a 345 00:18:49,650 --> 00:18:52,490 S2: lot of times folks will live on 70 to 80% 346 00:18:52,650 --> 00:18:56,130 S2: of their pre-retirement income just because, you know, things do 347 00:18:56,170 --> 00:18:58,770 S2: change when you get into that season of life. So 348 00:18:58,810 --> 00:19:03,010 S2: those are basically some some ideas or some fundamentals. Kimberly, 349 00:19:03,010 --> 00:19:04,810 S2: what I'd love to be able to do for you, 350 00:19:04,810 --> 00:19:08,010 S2: just as our gift to you for calling today is 351 00:19:08,010 --> 00:19:12,530 S2: connect you with one of our certified Financial counselors if 352 00:19:12,530 --> 00:19:16,130 S2: you're interested. These are folks that are trained often they're 353 00:19:16,130 --> 00:19:19,969 S2: retired themselves, but their ministry and their training is around 354 00:19:19,970 --> 00:19:23,730 S2: helping God's people put spending plans in place, help them 355 00:19:23,770 --> 00:19:27,290 S2: pay off debt, just kind of deal with the basics 356 00:19:27,290 --> 00:19:32,530 S2: and the mechanics of monthly stewardship, not the investment strategies 357 00:19:32,530 --> 00:19:34,850 S2: and the the taxes and the insurance, but really just 358 00:19:34,850 --> 00:19:38,330 S2: more of the fundamentals. And if you'd be interested in 359 00:19:38,330 --> 00:19:41,570 S2: working with someone, maybe in 3 or 4 meetings over 360 00:19:41,570 --> 00:19:44,609 S2: the phone or, you know, maybe a zoom call, we'd 361 00:19:44,650 --> 00:19:46,570 S2: be happy to pay for that just as our gift 362 00:19:46,570 --> 00:19:48,210 S2: to you if you'd take advantage of it. 363 00:19:49,130 --> 00:19:51,490 S6: Oh, that would be wonderful. That would be very helpful. 364 00:19:51,490 --> 00:19:52,530 S6: Thank you so much. 365 00:19:52,570 --> 00:19:54,810 S2: Good. Yeah. This would be somebody who'd pray for you, 366 00:19:54,850 --> 00:19:57,690 S2: come alongside you, encourage you, and give you all the 367 00:19:57,730 --> 00:20:00,929 S2: kind of best practices get you set up, uh, answer 368 00:20:00,930 --> 00:20:03,410 S2: your questions and then, you know, perhaps at that point, 369 00:20:03,410 --> 00:20:05,730 S2: you're off to the races. So let's do this. You 370 00:20:05,730 --> 00:20:07,930 S2: stay on the line, we'll get your information and get 371 00:20:07,930 --> 00:20:10,770 S2: a certified Christian financial counselor in touch with you. Okay. 372 00:20:12,090 --> 00:20:13,170 S6: All right. Thank you. 373 00:20:13,210 --> 00:20:15,250 S2: All right. Thanks for your call today. Lord bless you. 374 00:20:15,410 --> 00:20:17,890 S2: Sherry is in New Mexico. Sherry. Go ahead. 375 00:20:19,090 --> 00:20:22,530 S7: Hi, Rob. I have a question on Social Security. 376 00:20:22,730 --> 00:20:23,250 S2: Okay. 377 00:20:23,290 --> 00:20:27,290 S7: I heard that you can't have too much savings on 378 00:20:27,290 --> 00:20:33,880 S7: Social Security. I heard that, um. Singles can only have 379 00:20:33,920 --> 00:20:39,400 S7: up to 2000, and couples can only have up to 3000. Otherwise, 380 00:20:39,400 --> 00:20:42,000 S7: it can be taken away from you. I was wondering if. 381 00:20:42,119 --> 00:20:43,160 S7: If that's true. 382 00:20:43,600 --> 00:20:47,280 S2: Yeah. Uh, there is some truth to that, but there's 383 00:20:47,320 --> 00:20:51,119 S2: some confusion going on here. It's not related to Social Security. 384 00:20:51,160 --> 00:20:55,800 S2: Regular social security. What you're describing is something called SSI, 385 00:20:56,280 --> 00:20:59,520 S2: which is a completely different program for those with low 386 00:20:59,520 --> 00:21:06,280 S2: income and limited resources. So it's Supplemental Security Income. And 387 00:21:06,280 --> 00:21:11,440 S2: that does have limits 2000 for individual 3000 for couples. 388 00:21:11,640 --> 00:21:16,200 S2: But if you're receiving regular Social Security retirement, you can 389 00:21:16,200 --> 00:21:20,960 S2: save and invest freely without losing any benefits. There are 390 00:21:20,960 --> 00:21:25,520 S2: no income or savings limits on regular Social Security. 391 00:21:27,000 --> 00:21:28,719 S7: Oh, okay. Okay. 392 00:21:28,760 --> 00:21:32,430 S2: Okay. Is that helpful? Did you have a follow up question? 393 00:21:33,109 --> 00:21:36,510 S7: Um, no. That's okay. Not today. Thank you. 394 00:21:36,550 --> 00:21:39,470 S2: Okay. Very good. Thanks for calling. Call back anytime, Sherry. 395 00:21:39,510 --> 00:21:41,590 S2: Lord bless you. Well, folks, we're going to head to 396 00:21:41,590 --> 00:21:43,750 S2: a break. But let me remind you, we're out of 397 00:21:43,750 --> 00:21:46,510 S2: the studio today. Our team is not here, so don't 398 00:21:46,510 --> 00:21:49,109 S2: call in. But much more to come just around the 399 00:21:49,109 --> 00:22:05,350 S2: corner on faith and finance. Live. Stick around. Thanks for 400 00:22:05,350 --> 00:22:08,470 S2: joining us today on Faith and Finance Live. Again, we're 401 00:22:08,470 --> 00:22:10,669 S2: not here today. Our team is away from the studio, 402 00:22:10,670 --> 00:22:13,629 S2: so don't call in. But we've got some great questions 403 00:22:13,630 --> 00:22:15,750 S2: coming up. In fact let's go to one of those 404 00:22:15,750 --> 00:22:19,190 S2: right now. Let's go to Arkansas. Lynn, how can I help? 405 00:22:19,750 --> 00:22:23,590 S8: Um, yeah, I heard and I don't remember where, um, 406 00:22:23,710 --> 00:22:27,270 S8: that there were some tax organizations that you should avoid 407 00:22:27,270 --> 00:22:32,260 S8: that they were bought by somebody, maybe like a globalist 408 00:22:32,300 --> 00:22:36,580 S8: kind of thing. Um, and I wondered if you know 409 00:22:36,580 --> 00:22:39,300 S8: about that. And also, I wanted to know if there's 410 00:22:39,300 --> 00:22:42,140 S8: anything known to be Christian based. 411 00:22:42,180 --> 00:22:42,700 S2: Yeah. 412 00:22:42,740 --> 00:22:46,180 S8: Because I know that, um, there's one that does people's 413 00:22:46,180 --> 00:22:49,660 S8: taxes free, but it's, um, I can't remember the name 414 00:22:49,660 --> 00:22:55,740 S8: of it. It's it's the well-known, um, senior, um, organization. 415 00:22:55,859 --> 00:22:59,060 S2: Okay. Yeah. You hear us talk on this program a lot, Lynn, 416 00:22:59,100 --> 00:23:04,260 S2: about what's called a certified Kingdom advisor. And these are professionals, uh, 417 00:23:04,260 --> 00:23:09,260 S2: in really all areas of financial services. So that includes 418 00:23:09,260 --> 00:23:13,740 S2: tax preparation and accounting as well as investment management, uh, 419 00:23:13,740 --> 00:23:18,659 S2: insurance services, also estate planning, uh, and just pure financial 420 00:23:18,660 --> 00:23:23,020 S2: planning as well. But K is the only designation in 421 00:23:23,020 --> 00:23:26,940 S2: the financial services industry for professionals who've met the high 422 00:23:27,090 --> 00:23:31,530 S2: standards to earn the Certified Kingdom advisor, including. They've got 423 00:23:31,530 --> 00:23:33,649 S2: to have at least ten years experience. They've got to 424 00:23:33,650 --> 00:23:37,409 S2: go through a university based course around a biblical worldview 425 00:23:37,410 --> 00:23:40,050 S2: of money. Um, they have to have a pastor reference, 426 00:23:40,090 --> 00:23:43,010 S2: a client reference, a code of ethics, a statement of faith, 427 00:23:43,050 --> 00:23:46,970 S2: annual continuing education. I mean, it's a high bar, and 428 00:23:46,970 --> 00:23:49,810 S2: there's about 1800 of these men and women across the 429 00:23:49,810 --> 00:23:53,410 S2: US and Canada that have earned certified Kingdom Advisor. And 430 00:23:53,410 --> 00:23:58,689 S2: so I would probably start with looking for, uh, sikayet 431 00:23:58,890 --> 00:24:03,050 S2: in the tax area there in your area in Arkansas. Now, 432 00:24:03,050 --> 00:24:06,010 S2: if you didn't find one, you could connect with any 433 00:24:06,010 --> 00:24:09,250 S2: certified Kingdom advisor in your area, and there undoubtedly will 434 00:24:09,250 --> 00:24:11,970 S2: be one. And just ask for a referral to a 435 00:24:12,010 --> 00:24:15,570 S2: godly CPA or accountant who could help you, and they'll 436 00:24:15,570 --> 00:24:18,330 S2: all have one that they work with. But I think 437 00:24:18,330 --> 00:24:20,449 S2: that might be your best. Next step. You could go 438 00:24:20,450 --> 00:24:27,169 S2: to find a. Com again that's Com to find somebody 439 00:24:27,170 --> 00:24:29,609 S2: in your area. Does that sound like what you're looking for? 440 00:24:30,369 --> 00:24:34,690 S8: Um, yeah, that could be, um. And then, um, it's 441 00:24:34,690 --> 00:24:39,730 S8: for really some pretty simple texts, um, work. So, I mean, 442 00:24:39,770 --> 00:24:43,170 S8: it seems like I don't want to get someone who 443 00:24:43,170 --> 00:24:44,530 S8: charges too much. 444 00:24:44,890 --> 00:24:48,889 S2: Yeah, yeah. No, I appreciate that. And that's a good question. 445 00:24:48,930 --> 00:24:51,330 S2: I mean, there are some great kind of low cost 446 00:24:51,330 --> 00:24:53,610 S2: options out there. There's just not going to be one 447 00:24:53,609 --> 00:24:57,929 S2: in that category that is expressly Christian. Um, you know, 448 00:24:57,970 --> 00:24:59,650 S2: you're going to end up with some, you know, one 449 00:24:59,650 --> 00:25:04,610 S2: of these either an online, uh, software package or, you know, 450 00:25:04,650 --> 00:25:08,650 S2: one of the, the nationwide, uh, offerings. But these aren't 451 00:25:08,650 --> 00:25:11,489 S2: going to be expressly Christian offerings. They're just going to 452 00:25:11,490 --> 00:25:13,690 S2: be somebody who does a low cost tax service. 453 00:25:14,170 --> 00:25:17,170 S8: Okay. And the one I was thinking of that's, uh, 454 00:25:17,170 --> 00:25:20,129 S8: liberal is AARP. I think a lot of people don't 455 00:25:20,130 --> 00:25:20,970 S8: know that. 456 00:25:21,170 --> 00:25:24,480 S2: Uh, yeah. Uh, great point. And I think, you know, 457 00:25:24,520 --> 00:25:27,439 S2: finding somebody who aligns with your values is something more 458 00:25:27,440 --> 00:25:31,639 S2: and more Christians are looking for. Uh, not only in, 459 00:25:31,680 --> 00:25:33,439 S2: you know, how they raise their families, but also how 460 00:25:33,440 --> 00:25:36,640 S2: they manage God's money. And, you know, I think, uh, 461 00:25:36,640 --> 00:25:39,800 S2: you know, having somebody who aligns with your values, if 462 00:25:39,800 --> 00:25:42,440 S2: that's a priority for you, I would say, you know, 463 00:25:42,480 --> 00:25:44,760 S2: seek that out. And there's a growing number of those 464 00:25:44,800 --> 00:25:49,560 S2: offerings available, uh, with a certified Kingdom advisor. You know, unfortunately, 465 00:25:49,560 --> 00:25:51,280 S2: I don't think you're going to find somebody that's in 466 00:25:51,320 --> 00:25:54,119 S2: that real low cost area. You're going to probably end 467 00:25:54,119 --> 00:25:57,120 S2: up with something that's a little more automated. Uh, but 468 00:25:57,119 --> 00:26:00,680 S2: there are a number of these online tools available that 469 00:26:00,680 --> 00:26:06,720 S2: can guide you through tax preparation in a really simple fashion. And, um, 470 00:26:06,760 --> 00:26:09,280 S2: you know, perhaps you don't have to work directly with 471 00:26:09,280 --> 00:26:12,200 S2: somebody that you're uncomfortable with. Uh, you could also go 472 00:26:12,200 --> 00:26:15,960 S2: to Irs.gov and look for some of their free solutions 473 00:26:15,960 --> 00:26:17,960 S2: that they provide links to as well. 474 00:26:18,520 --> 00:26:23,390 S8: Okay. So have you heard anything about any that people 475 00:26:23,390 --> 00:26:27,190 S8: should avoid like H&R block or I'm not saying it's them, 476 00:26:27,190 --> 00:26:30,350 S8: but yeah, I, I started to write this stuff down. 477 00:26:30,350 --> 00:26:32,870 S8: I think it was on the news and didn't get 478 00:26:32,869 --> 00:26:35,030 S8: back to it. So I don't know the date that 479 00:26:35,030 --> 00:26:35,830 S8: it appeared. 480 00:26:35,990 --> 00:26:39,149 S2: I'm not familiar with exactly what you may have heard. 481 00:26:39,190 --> 00:26:42,830 S2: I don't have anything to offer specifically around AARP or 482 00:26:42,869 --> 00:26:46,830 S2: H&R block with regard to their values and kind of 483 00:26:46,869 --> 00:26:50,870 S2: how they, uh, conduct each of those organizations. I will 484 00:26:50,869 --> 00:26:53,830 S2: also say you could, uh, you know, check out, uh, 485 00:26:53,830 --> 00:26:56,750 S2: Dave Ramsey. He's got a what he calls the Ramsey 486 00:26:56,790 --> 00:27:01,629 S2: Smart tax, uh, which is software to do taxes as well. Um, 487 00:27:02,109 --> 00:27:05,629 S2: and Dave is a fellow believer and, you know, could, uh, 488 00:27:05,630 --> 00:27:07,750 S2: could be a great solution here also. 489 00:27:08,869 --> 00:27:11,550 S8: Okay. All right. Well thank you. 490 00:27:11,830 --> 00:27:13,830 S2: All right. Lord bless you. Lynn. Thanks for calling. I'm 491 00:27:13,830 --> 00:27:16,629 S2: sorry I didn't have the specific reference you were you 492 00:27:16,670 --> 00:27:19,270 S2: were thinking about, but hopefully that gets you pointed in 493 00:27:19,270 --> 00:27:21,980 S2: the right direction. Thanks for being with us today. Let's 494 00:27:21,980 --> 00:27:24,540 S2: go to Sanibel Island, Florida. Julia, how can I help? 495 00:27:25,300 --> 00:27:28,739 S9: Hi. I was calling because I live at home, so 496 00:27:28,740 --> 00:27:31,340 S9: I'm 24, I live at home and I am close 497 00:27:31,340 --> 00:27:33,380 S9: to paying off all my student debt, which I'm so 498 00:27:33,380 --> 00:27:34,140 S9: excited about. 499 00:27:34,180 --> 00:27:35,620 S2: That's great. Yeah. Congratulations. 500 00:27:35,660 --> 00:27:38,740 S9: I'm like, thank you. Yeah, I'm in the process of 501 00:27:38,740 --> 00:27:42,699 S9: transitioning from like, I guess, real adulthood. So like going 502 00:27:42,700 --> 00:27:47,220 S9: about budgeting and hopefully investing. I've never really done that. 503 00:27:47,619 --> 00:27:49,580 S9: And I guess kind of saving for like a home 504 00:27:49,580 --> 00:27:52,659 S9: or getting ready for rent. Also, what's your opinion on 505 00:27:52,700 --> 00:27:55,900 S9: that to renting versus, you know, owning a home at, 506 00:27:55,940 --> 00:27:57,980 S9: you know, the younger age and just in the economy. 507 00:27:57,980 --> 00:28:00,140 S9: So I guess I'm just a little anxious to go 508 00:28:00,140 --> 00:28:02,500 S9: into the real world. And I'm curious to what you 509 00:28:02,500 --> 00:28:04,780 S9: think about, you know, a younger person that doesn't have 510 00:28:04,780 --> 00:28:08,340 S9: a ton of net worth or whatever just going about that. So, and, 511 00:28:08,380 --> 00:28:10,420 S9: you know, honoring the Lord with all of that. 512 00:28:10,619 --> 00:28:13,660 S2: For sure. Well, listen, number one, I appreciate your call. 513 00:28:13,660 --> 00:28:16,140 S2: Number two, it sounds like you're doing a fabulous job 514 00:28:16,180 --> 00:28:18,220 S2: kind of right out of the gate here. You know, 515 00:28:18,260 --> 00:28:21,540 S2: in adulthood with finances, I mean, starting with this idea 516 00:28:21,540 --> 00:28:25,420 S2: that you're almost debt free. So clearly, you know, your 517 00:28:25,420 --> 00:28:28,020 S2: parents have afforded you this opportunity to live at home, 518 00:28:28,020 --> 00:28:31,500 S2: which it sounds like you've leveraged to take the resources 519 00:28:31,500 --> 00:28:35,380 S2: you have and prioritize, you know, shoring up your financial foundation, 520 00:28:35,380 --> 00:28:38,300 S2: starting with paying off your school debt, which is amazing. 521 00:28:38,420 --> 00:28:41,980 S2: And that tells me something just about your discipline and 522 00:28:41,980 --> 00:28:45,500 S2: your priorities. And now here you are calling, saying, okay, 523 00:28:45,540 --> 00:28:48,020 S2: what's next? How do I honor the Lord with with 524 00:28:48,020 --> 00:28:51,580 S2: his money? And that's key. And how do I go 525 00:28:51,580 --> 00:28:54,860 S2: about saving for the future, even potentially buying a house 526 00:28:54,860 --> 00:28:57,060 S2: at some point? And those are the right questions, Julia, 527 00:28:57,060 --> 00:28:59,980 S2: that tells me you're taking serious this role you have 528 00:29:00,020 --> 00:29:02,660 S2: as a steward of God's resources. And so I think 529 00:29:02,660 --> 00:29:06,060 S2: the next opportunity is just to start soaking in kind 530 00:29:06,060 --> 00:29:08,660 S2: of a biblical worldview of money management. I don't think 531 00:29:08,660 --> 00:29:10,620 S2: you need to be in a rush to buy a house, 532 00:29:10,660 --> 00:29:14,060 S2: especially with the affordability being so challenging right now with 533 00:29:14,060 --> 00:29:17,380 S2: high interest rates and houses at the peak. You know, 534 00:29:17,420 --> 00:29:20,290 S2: of their, you know, price points just given what's going 535 00:29:20,290 --> 00:29:22,210 S2: on in the housing market. I'm not saying we're in 536 00:29:22,250 --> 00:29:24,690 S2: for a crash in any respects, but I do think 537 00:29:24,730 --> 00:29:28,690 S2: over the next couple of years, housing prices will level off. 538 00:29:29,010 --> 00:29:31,570 S2: We will see incomes continue to rise and we will 539 00:29:31,570 --> 00:29:34,810 S2: see interest rates come down, which will be helpful to you. 540 00:29:34,810 --> 00:29:37,410 S2: So I think you want to maximize this opportunity while 541 00:29:37,410 --> 00:29:40,290 S2: you're with Mom and dad, looking with an eye toward 542 00:29:40,330 --> 00:29:43,170 S2: based on how you're communicating with them and what timeline 543 00:29:43,170 --> 00:29:45,530 S2: they may have given you an eye toward getting out 544 00:29:45,530 --> 00:29:48,690 S2: on your own, but probably saving as much as you can. 545 00:29:48,690 --> 00:29:51,810 S2: And I think perhaps your first place is not a purchase, 546 00:29:51,970 --> 00:29:54,330 S2: unless you can find something and save enough to put 547 00:29:54,330 --> 00:29:57,370 S2: a 20% down payment. But if you can't, then I 548 00:29:57,370 --> 00:29:59,610 S2: would say just continue to keep your lifestyle at a 549 00:29:59,610 --> 00:30:01,969 S2: minimum and save as much as you can. And then 550 00:30:01,970 --> 00:30:05,130 S2: if you get a job that offers you a retirement plan, great. 551 00:30:05,250 --> 00:30:09,730 S2: Let's start somewhere, at least beginning with the match. If not, 552 00:30:09,770 --> 00:30:12,250 S2: I would say starting to put a little money systematically 553 00:30:12,250 --> 00:30:15,490 S2: into a Roth IRA. Even a couple of hundred dollars 554 00:30:15,690 --> 00:30:18,400 S2: a month, if you could swing it would be amazing 555 00:30:18,400 --> 00:30:21,640 S2: because at your age, with the next, you know, 40 556 00:30:21,640 --> 00:30:24,800 S2: years for this money to compound, you could easily be 557 00:30:24,800 --> 00:30:27,280 S2: well over $1 million just by putting in a modest 558 00:30:27,280 --> 00:30:30,080 S2: amount each year and letting it compound for that period 559 00:30:30,080 --> 00:30:32,480 S2: of time. So hopefully that's giving you some things to 560 00:30:32,520 --> 00:30:34,320 S2: think about. I'm going to send you a resource that 561 00:30:34,320 --> 00:30:37,440 S2: I think you're going to love. It's called Open Hands Finance, 562 00:30:37,440 --> 00:30:39,600 S2: and it's going to help you understand God's way of 563 00:30:39,600 --> 00:30:43,000 S2: handling money, but even give you some practical exercises to 564 00:30:43,040 --> 00:30:45,480 S2: begin to work it out. So you stay on the line, 565 00:30:45,480 --> 00:30:48,360 S2: we'll get open hands, finance in your hands and call 566 00:30:48,400 --> 00:30:50,560 S2: me back and let me know what you think. Hey folks, 567 00:30:50,560 --> 00:30:53,000 S2: we're going to pause now for a brief break, but 568 00:30:53,000 --> 00:30:55,840 S2: we'll be back with much more on today's Faith and 569 00:30:55,840 --> 00:30:57,040 S2: finance live. 570 00:31:05,040 --> 00:31:08,880 S10: You're listening to Faith and Finance Live. This program is prerecorded, 571 00:31:08,880 --> 00:31:11,720 S10: so we're not available to answer your calls, but you 572 00:31:11,720 --> 00:31:16,630 S10: can email us your questions at Rob at Philly.com. 573 00:31:17,590 --> 00:31:19,550 S2: Let's head to Indiana. Randy. Go ahead. 574 00:31:20,470 --> 00:31:24,430 S11: Hi, Mr. West, thank you so much for your ministry. Um, 575 00:31:24,430 --> 00:31:30,310 S11: I have a opportunity this fall, right after Thanksgiving, uh, 576 00:31:30,310 --> 00:31:35,070 S11: to move a sum of money out of a tax 577 00:31:35,070 --> 00:31:41,750 S11: qualified or IRA qualified eight year select annuity. If I 578 00:31:41,750 --> 00:31:46,030 S11: do not move it within a 30 day window, it'll 579 00:31:46,070 --> 00:31:50,990 S11: be locked in for eight more years. I'm wondering what 580 00:31:50,990 --> 00:31:55,190 S11: your advice to me would be as far as being 581 00:31:55,230 --> 00:31:58,190 S11: able to have a little more control over that, or 582 00:31:58,230 --> 00:32:03,070 S11: put it in more of a local investor account? 583 00:32:03,550 --> 00:32:06,229 S2: Yeah, yeah. How how has that done? How has that 584 00:32:06,230 --> 00:32:07,310 S2: performed for you? 585 00:32:09,070 --> 00:32:15,830 S11: Um, it was locked in at 3.95%. For this first 586 00:32:15,830 --> 00:32:16,670 S11: eight years. 587 00:32:16,950 --> 00:32:20,950 S2: Okay. Got it. Yeah. Um, so that's a great opportunity 588 00:32:20,990 --> 00:32:23,830 S2: for you to improve this because, you know, that's not 589 00:32:23,870 --> 00:32:26,550 S2: a great rate of return, especially what's been going on 590 00:32:26,550 --> 00:32:29,230 S2: in the market. And I understand, you know, this is 591 00:32:29,270 --> 00:32:32,870 S2: a really key decision point because you don't want that to, 592 00:32:32,910 --> 00:32:35,870 S2: you know, be locked up again. Um, so I mean, 593 00:32:35,910 --> 00:32:37,350 S2: the first thing we always want to know is what 594 00:32:37,350 --> 00:32:40,150 S2: happens if I do nothing. And and what interest rate 595 00:32:40,190 --> 00:32:43,229 S2: would apply? Uh, we also want to define what the 596 00:32:43,230 --> 00:32:46,670 S2: money is for. I assume this is a key piece 597 00:32:46,670 --> 00:32:49,670 S2: of your retirement, uh, investments. Is that right? 598 00:32:49,910 --> 00:32:50,470 S12: Is that right? 599 00:32:50,750 --> 00:32:55,630 S11: Yes. It's like, for home improvement and so forth. Um, 600 00:32:55,790 --> 00:33:01,150 S11: we have a three other smaller, very small CDs, um, 601 00:33:01,270 --> 00:33:04,670 S11: that we can pull out, you know, as they, um, 602 00:33:04,990 --> 00:33:08,750 S11: come due. But, uh, we also have, uh, Social Security 603 00:33:08,750 --> 00:33:12,150 S11: and pensions, so we're doing pretty good, but I want 604 00:33:12,190 --> 00:33:14,820 S11: to make sure my wife is able to get to 605 00:33:14,860 --> 00:33:17,220 S11: it in case something happens. 606 00:33:17,300 --> 00:33:20,180 S2: Yeah. And what is the account value of the annuity 607 00:33:20,180 --> 00:33:21,740 S2: that you would be able to roll out? 608 00:33:22,860 --> 00:33:25,100 S11: It's around 200,000. 609 00:33:25,500 --> 00:33:28,180 S2: Okay. Yeah. So here's what I would do because I 610 00:33:28,180 --> 00:33:30,260 S2: think you're right. I mean the the ability to have 611 00:33:30,260 --> 00:33:34,100 S2: some liquidity on this. So you and or your wife 612 00:33:34,100 --> 00:33:36,820 S2: can get to the money if you need it would 613 00:33:36,820 --> 00:33:40,220 S2: require that it not be locked up in an insurance product. 614 00:33:40,420 --> 00:33:42,780 S2: And so I think making sure that it stays in 615 00:33:42,780 --> 00:33:46,020 S2: a tax deferred environment, rolling it out to an IRA 616 00:33:46,420 --> 00:33:49,620 S2: is going to give you ultimate flexibility. And this window 617 00:33:49,620 --> 00:33:52,460 S2: of time at the end of this lockup period is 618 00:33:52,460 --> 00:33:54,340 S2: the key time to do it. You're going to want 619 00:33:54,380 --> 00:33:57,620 S2: to make sure you understand any expenses or charges related 620 00:33:57,620 --> 00:33:59,620 S2: to that. But I would imagine just given what you're 621 00:33:59,620 --> 00:34:03,980 S2: describing about this window of time next fall, um, you know, 622 00:34:04,020 --> 00:34:05,900 S2: would be the time to do it. And there probably 623 00:34:05,900 --> 00:34:08,700 S2: is if there's any expenses, they would be the lowest 624 00:34:08,700 --> 00:34:11,180 S2: that you would, you would have, uh, in the life 625 00:34:11,180 --> 00:34:14,049 S2: of this product. And the nice thing about rolling it 626 00:34:14,050 --> 00:34:15,890 S2: to an IRA, and you've got plenty of time to 627 00:34:15,930 --> 00:34:19,410 S2: determine the advisor that you'd roll it to would be that, 628 00:34:19,450 --> 00:34:21,850 S2: you know, now all of a sudden, the advisor can 629 00:34:21,850 --> 00:34:24,450 S2: manage it in a way that's appropriate for your age 630 00:34:24,450 --> 00:34:26,810 S2: and risk tolerance, but you have complete access to the 631 00:34:26,810 --> 00:34:29,850 S2: money so you can be as conservative or aggressive as 632 00:34:29,850 --> 00:34:32,170 S2: you want based on what you're describing. I suspect you're 633 00:34:32,170 --> 00:34:34,810 S2: going to want to be on the the more conservative end, 634 00:34:34,850 --> 00:34:37,770 S2: maybe not the most conservative end, but the more conservative 635 00:34:37,770 --> 00:34:41,970 S2: end of this. And, you know, depending upon what the 636 00:34:42,010 --> 00:34:46,050 S2: time horizon is on things like the home improvements or 637 00:34:46,090 --> 00:34:49,210 S2: your need for income, or whether this is really just there, 638 00:34:49,489 --> 00:34:52,890 S2: you know, as for some of those larger expenses in retirement, 639 00:34:52,890 --> 00:34:56,530 S2: because you're kind of monthly income is already covered, um, 640 00:34:56,530 --> 00:34:59,210 S2: you know, with Social Security and other things, then, you know, 641 00:34:59,250 --> 00:35:02,569 S2: that's going to dictate how the advisor would manage this, 642 00:35:02,610 --> 00:35:06,170 S2: the investments that he or she would select. So probably some, 643 00:35:06,170 --> 00:35:08,609 S2: you know, maybe some laddered CDs could be that there's 644 00:35:08,610 --> 00:35:11,680 S2: some treasuries in there could be that there's even some 645 00:35:11,680 --> 00:35:16,120 S2: income producing bonds and or stocks. Um, and you know, 646 00:35:16,160 --> 00:35:18,000 S2: that that would be built to make sure that you 647 00:35:18,000 --> 00:35:20,799 S2: have enough liquidity when you need it, but also that 648 00:35:20,800 --> 00:35:23,719 S2: we're going to outpace inflation and see this continue to 649 00:35:23,760 --> 00:35:26,800 S2: grow over time, hopefully at a little better interest rate 650 00:35:26,800 --> 00:35:30,480 S2: than or rate of return than the 3.5% you've been getting. 651 00:35:30,520 --> 00:35:32,239 S2: You know, I think the idea would be maybe in 652 00:35:32,239 --> 00:35:35,600 S2: the 4 or 5 six range rather than the, you know, 653 00:35:35,640 --> 00:35:37,640 S2: the low threes. Does that make sense? 654 00:35:38,560 --> 00:35:39,880 S11: Yes it does. 655 00:35:40,120 --> 00:35:42,360 S2: Okay. So what I would do as a next step 656 00:35:42,360 --> 00:35:47,319 S2: I would head to find a com. K stands for 657 00:35:47,320 --> 00:35:51,640 S2: Certified Kingdom Advisor. I'd connect with two or 3KS there 658 00:35:51,640 --> 00:35:55,160 S2: in Indiana. Uh go through the process of interviewing with them. 659 00:35:55,160 --> 00:35:57,319 S2: You've got plenty of time to do it. And that 660 00:35:57,320 --> 00:35:59,480 S2: way you've already made the selection on the advisor you're 661 00:35:59,480 --> 00:36:01,879 S2: going to go with. Uh, you know, the advisor can 662 00:36:01,880 --> 00:36:04,520 S2: go ahead and get the IRA open. And then once 663 00:36:04,520 --> 00:36:07,680 S2: that window opens, you would just do a transfer. The 664 00:36:07,680 --> 00:36:10,430 S2: money doesn't come to you. It goes directly from the 665 00:36:10,430 --> 00:36:15,029 S2: insurance company to the IRA custodian that the advisor uses. 666 00:36:15,270 --> 00:36:18,069 S2: It keeps it in a tax deferred environment, and then 667 00:36:18,070 --> 00:36:20,430 S2: you guys would have already worked together on what is 668 00:36:20,430 --> 00:36:23,549 S2: the investment strategy from that point moving forward. Again that 669 00:36:23,550 --> 00:36:27,790 S2: website find a. Com thanks for your call. Dwayne's been 670 00:36:27,790 --> 00:36:30,350 S2: waiting patiently in Texas Wayne go ahead. 671 00:36:31,830 --> 00:36:33,989 S13: Yeah. Rob thank you for what you do I appreciate 672 00:36:33,989 --> 00:36:36,589 S13: it a long time listener, first time caller. 673 00:36:36,630 --> 00:36:37,549 S2: Excellent. Thank you. 674 00:36:37,590 --> 00:36:39,110 S13: I have an HSA question. 675 00:36:39,350 --> 00:36:39,870 S2: Okay. 676 00:36:40,390 --> 00:36:44,830 S13: Yeah. And, uh, my wife's retiring in May. At the 677 00:36:44,830 --> 00:36:50,910 S13: end of May, she'll be turning 65, and I'm 64, 678 00:36:51,790 --> 00:36:55,790 S13: and we've had a high deductible HSA, a high deductible 679 00:36:55,830 --> 00:36:59,989 S13: health insurance. And we've been contributing to our HSA for years. 680 00:37:00,510 --> 00:37:07,670 S13: And this year is a transition year going from HSA to, uh, Medicare? 681 00:37:08,230 --> 00:37:08,750 S2: Yeah. 682 00:37:08,790 --> 00:37:14,150 S13: Can we still contribute some to our HSA before she retires? 683 00:37:14,550 --> 00:37:16,830 S2: Yeah, it's a great question. And there's a lot of 684 00:37:16,830 --> 00:37:21,270 S2: confusion around HSAs as you transition into Medicare. So I'm 685 00:37:21,270 --> 00:37:25,750 S2: glad you're you're asking about this. You don't lose the HSA. 686 00:37:25,950 --> 00:37:28,629 S2: But the bottom line is you do lose the ability 687 00:37:28,630 --> 00:37:33,509 S2: to contribute once Medicare starts. And the timing does need 688 00:37:33,510 --> 00:37:38,109 S2: to be handled carefully. And the reason is, you know, 689 00:37:38,150 --> 00:37:42,069 S2: there's this, uh, this six month window, you know, when 690 00:37:42,070 --> 00:37:46,149 S2: someone signs up for Medicare after age 65, part A 691 00:37:46,190 --> 00:37:51,910 S2: is often applied retroactively up to six months, um, but 692 00:37:51,910 --> 00:37:55,750 S2: not before age 65. And because of that, it's usually, 693 00:37:56,190 --> 00:38:01,549 S2: you know, wise to stop HSA contributions six months before 694 00:38:01,950 --> 00:38:07,300 S2: Medicare enrollment to avoid any excess contributions or penalties. But 695 00:38:07,300 --> 00:38:11,420 S2: the bottom line is, you know, as you transition to 696 00:38:11,460 --> 00:38:17,100 S2: Medicare Parts A and B, uh, the moment that Medicare starts, 697 00:38:17,100 --> 00:38:21,779 S2: the HSA contributions have to start. Now, of course, you 698 00:38:21,780 --> 00:38:25,060 S2: can keep the HSA account. The money that's in there 699 00:38:25,060 --> 00:38:27,899 S2: is still yours. It can be used tax free for 700 00:38:27,900 --> 00:38:32,859 S2: qualified medical expenses. And and this is great. After age 65, 701 00:38:32,860 --> 00:38:36,899 S2: it can also be used for non-medical expenses. You will 702 00:38:36,900 --> 00:38:40,459 S2: pay ordinary income tax but there's no penalty. So that's 703 00:38:40,460 --> 00:38:43,460 S2: why they say, you know, this is another um, you know, 704 00:38:43,460 --> 00:38:46,020 S2: especially if you can fund it pretty robustly. This is 705 00:38:46,020 --> 00:38:52,060 S2: another retirement planning tool alongside your other retirement assets. Does 706 00:38:52,060 --> 00:38:52,820 S2: that make sense? 707 00:38:53,980 --> 00:38:58,020 S13: Yes. Uh, but I was wondering for, you know, January 708 00:38:58,060 --> 00:39:02,420 S13: through April, can we make can we prorate that contribution 709 00:39:02,460 --> 00:39:06,090 S13: the the maximum limit That from April, you know, January 710 00:39:06,130 --> 00:39:06,810 S13: through April. 711 00:39:07,130 --> 00:39:09,089 S2: Yeah. When does she start Medicare? 712 00:39:10,130 --> 00:39:10,890 S13: Uh, May. 713 00:39:11,489 --> 00:39:12,009 S2: Okay. 714 00:39:12,370 --> 00:39:13,450 S13: Her birthday's in May. 715 00:39:13,690 --> 00:39:17,649 S2: Got it. Yeah. Yes. Uh. You can. So because it's 716 00:39:17,650 --> 00:39:21,370 S2: in May, you can make a partial HSA contribution for 717 00:39:21,370 --> 00:39:26,330 S2: January through April, but only if you stop contributions early enough, 718 00:39:26,690 --> 00:39:30,010 S2: you know, to to account for any, uh, part A 719 00:39:30,170 --> 00:39:36,650 S2: retroactive status. So your eligibility is determined month by month. 720 00:39:36,650 --> 00:39:39,810 S2: So if she's HSA eligible on the first of the month, 721 00:39:39,810 --> 00:39:44,330 S2: that month counts. And then once Medicare begins, uh, she's 722 00:39:44,330 --> 00:39:49,210 S2: no longer eligible. Um, when you enroll in Medicare after 723 00:39:49,210 --> 00:39:52,930 S2: age 65, then that's where the part A can come 724 00:39:52,930 --> 00:39:57,050 S2: back to your 65th birthday. But if she is, uh, 725 00:39:57,050 --> 00:40:00,209 S2: you know, only eligible as of May, then you should 726 00:40:00,210 --> 00:40:03,719 S2: be fine going ahead and putting in that At 4/12 727 00:40:03,920 --> 00:40:05,280 S2: of the yearly limit. 728 00:40:05,920 --> 00:40:08,759 S13: Right. Okay. That's that's what I was thinking. And I 729 00:40:08,760 --> 00:40:12,200 S13: was getting confused between that on the month of May, 730 00:40:12,239 --> 00:40:15,480 S13: whether we could include the month of May. But I 731 00:40:15,520 --> 00:40:19,360 S13: think the answer is no because of part A is 732 00:40:20,800 --> 00:40:23,080 S13: retroactive to the beginning of the month. 733 00:40:23,120 --> 00:40:24,920 S2: That's right. That's exactly right. 734 00:40:26,040 --> 00:40:29,600 S13: Right. Okay. Okay. Well, again, thank you for answering that question. 735 00:40:29,600 --> 00:40:32,280 S13: And I appreciate what y'all what y'all do there. 736 00:40:32,440 --> 00:40:34,719 S2: Well, thank you very much, Wayne. I appreciate you being 737 00:40:34,719 --> 00:40:36,480 S2: a faithful listener. And stay on the line. I'm going 738 00:40:36,520 --> 00:40:38,920 S2: to send you a copy of Jeff Hannan's book, An 739 00:40:38,920 --> 00:40:41,400 S2: Uncommon Guide to Retirement. I think you guys will enjoy 740 00:40:41,400 --> 00:40:44,400 S2: this as you transition into this next season of life, 741 00:40:44,400 --> 00:40:46,320 S2: and call any time if we can be of assistance. 742 00:40:46,360 --> 00:40:50,200 S2: Lord bless you. Uh, let's see, we're going to go to, uh, Illinois. Diane, 743 00:40:50,239 --> 00:40:51,000 S2: go right ahead. 744 00:40:51,440 --> 00:40:54,040 S14: Hi. Okay. I used to be poor. It was like 745 00:40:54,040 --> 00:40:58,120 S14: 25 years ago. I was extremely poor. I filed bankruptcy 746 00:40:58,120 --> 00:41:05,840 S14: for $3,500. Now I get my dead husband, ex-husband's social security, 747 00:41:05,840 --> 00:41:10,440 S14: and I would like to see about possibly paying that back. 748 00:41:10,760 --> 00:41:12,680 S2: Yeah. And who are you trying to pay back? Is 749 00:41:12,680 --> 00:41:16,239 S2: it the creditors that were discharged under the bankruptcy or 750 00:41:16,239 --> 00:41:17,120 S2: somebody else? 751 00:41:17,600 --> 00:41:21,480 S14: Well, I filed bankruptcy with the credit union. I mean, 752 00:41:21,520 --> 00:41:24,640 S14: that's what it went through, I believe. It's been a while. 753 00:41:24,680 --> 00:41:25,400 S14: I'm sorry. 754 00:41:25,560 --> 00:41:29,399 S2: That's okay. Yeah. And so I appreciate that you are 755 00:41:29,400 --> 00:41:32,000 S2: now in a much stronger position. I'm just trying to 756 00:41:32,000 --> 00:41:35,480 S2: understand exactly who is it that you're trying to make whole. 757 00:41:35,719 --> 00:41:38,280 S2: What were the debts that you that were not paid, 758 00:41:38,280 --> 00:41:39,480 S2: that you're trying to pay. 759 00:41:40,200 --> 00:41:43,279 S14: The ones from, like, 25 years ago? I'd have to 760 00:41:43,280 --> 00:41:46,000 S14: go back and look at my papers. Exactly. I believe 761 00:41:46,000 --> 00:41:48,960 S14: it was just a credit card with the credit union. 762 00:41:48,960 --> 00:41:51,360 S14: But I got to go back and double check that. 763 00:41:51,400 --> 00:41:54,239 S2: Yeah, the challenge is I. Boy, I so appreciate your 764 00:41:54,239 --> 00:41:57,600 S2: desire to, uh, to steward this money. Well, and and 765 00:41:57,600 --> 00:42:01,069 S2: to honor your obligations. What's going to happen is they're 766 00:42:01,070 --> 00:42:04,230 S2: going to tell you, listen, number one, it was charged off. 767 00:42:04,270 --> 00:42:07,229 S2: You know, number two, you know, we probably can't even 768 00:42:07,230 --> 00:42:11,030 S2: accept that payment against that account because it's so long gone. 769 00:42:11,030 --> 00:42:14,110 S2: In fact, they probably collected a little bit of insurance 770 00:42:14,110 --> 00:42:18,230 S2: on it anyway because they insure these accounts. So you 771 00:42:18,230 --> 00:42:20,109 S2: could reach out to them and say, listen, I just 772 00:42:20,110 --> 00:42:23,709 S2: feel convicted that I want to honor this obligation from 773 00:42:23,710 --> 00:42:27,750 S2: a bankruptcy 20 years ago. I suspect they're not going 774 00:42:27,750 --> 00:42:29,509 S2: to be able to take it, but you could at 775 00:42:29,550 --> 00:42:32,190 S2: least try, Diane. And maybe what you find is you 776 00:42:32,190 --> 00:42:34,830 S2: just end up giving that money to the Lord as 777 00:42:34,989 --> 00:42:37,709 S2: because you're not able to to pay it. Otherwise. I'm 778 00:42:37,710 --> 00:42:39,910 S2: out of time today. Thanks for calling. Thanks to my 779 00:42:39,910 --> 00:42:42,910 S2: team today, Amy, Dan and Jim. Thank you for being 780 00:42:42,910 --> 00:42:45,470 S2: here as well. Faith and Finance Live is a partnership 781 00:42:45,469 --> 00:42:48,390 S2: between Moody Radio and Faith five. Hope you have a 782 00:42:48,390 --> 00:42:50,149 S2: great rest of your day and come back and join 783 00:42:50,150 --> 00:42:52,110 S2: us next time. We'll see you then. Bye bye.